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January 05, 2024 - 10:34 AM
The third quarterly Climate Action Tax Credit payment will be sent out to more than two million British Columbian families and individuals this week.
According to a Jan. 5, news release from the Ministry of Finance, families and individuals who are eligible for the Climate Action Tax Credit should receive it this week through the Canadian Revenue Agency along with their GST or HST credit.
“With the global inflation and an expensive holiday season, we know people need support now more than ever,” Katrine Conroy, Minister of Finance, said in the release.
Last year, the Climate Action Tax Credit was increased as well as the income threshold to ensure more people benefit from this tax credit that exists to offset the costs of the carbon tax suffered by families and individuals.
An individual can now receive up to $447 per year which is more than double what they could receive in 2022. As for families, they can get up to $893.50 per year. Of those who are eligible for the tax credit, 70% should receive the maximum amount. The province hopes to increase the income ceiling for the credit to reach 80% of households by 2030.
There is no need to sign up to receive the tax credit, as eligibility was decided by the CRA upon the filing of individuals' T1 Income Tax and Benefit Return forms.
The government also wishes to remind people that they will not try contacting people about the BC Climate Action Tax credit by text message and should they receive such a message it may be fraudulent. If in doubt, people should email ITBTaxQuestions@gov.bc.ca.
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